Quarterly report pursuant to Section 13 or 15(d)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

v3.22.2.2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)
 9 Months Ended
Sep. 30, 2022
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)
The following tables reflect the changes in Accumulated other comprehensive income related to Cliffs shareholders’ equity:
(In Millions)
Three Months Ended
September 30,		 Nine Months Ended
September 30,
2022 2021 2022 2021
Foreign Currency Translation
Beginning balance $ (1) $ 2  $ 1  $ 3 
Other comprehensive loss before reclassifications (2) —  (4) (1)
Ending balance $ (3) $ 2  $ (3) $ 2 
Derivative Instruments
Beginning balance $ 109  $ 53  $ 68  $ (1)
Other comprehensive income before reclassifications 154  118  292  192 
Income tax (38) (25) (69) (40)
Other comprehensive income before reclassifications, net of tax 116  93  223  152 
Gains reclassified from AOCI to net income1
(74) (13) (158) (19)
Income tax expense2
19  3  37  4 
Net gains reclassified from AOCI to net income (55) (10) (121) (15)
Ending balance $ 170  $ 136  $ 170  $ 136 
Pension and OPEB
Beginning balance $ 550  $ (121) $ 549  $ (135)
Other comprehensive income before reclassifications4
119  —  119  — 
Income tax (28) —  (28) — 
Other comprehensive income before reclassifications, net of tax 91  —  91  — 
Losses reclassified from AOCI to net income3
3  8  4  26 
Income tax benefit2
(1) (2) (1) (6)
Net losses reclassified from AOCI to net income 2  6  3  20 
Ending balance $ 643  $ (115) $ 643  $ (115)
Total AOCI Ending Balance $ 810  $ 23  $ 810  $ 23 
1 Amounts recognized in Cost of goods sold in the Statements of Unaudited Condensed Consolidated Operations.
2 Amounts recognized in Income tax expense in the Statements of Unaudited Condensed Consolidated Operations.
3 Amounts recognized in Net periodic benefit credits other than service cost component in the Statements of Unaudited Condensed Consolidated Operations.
4 Amounts relate to the net actuarial gain triggered by the interim remeasurement on the pension and OPEB plans affected by the USW labor agreement with our legacy mining operations. Refer to NOTE 10 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS for further information.